UPDATE: Wedbush Downgrades Lowe's; Reduces Price Target

In a research note released Friday, Wedbush downgraded Lowe's Companies Inc. LOW from Outperform to Neutral and reduced the the price target from $60.00 to $50.00. In conjunction with the reduced price target, Basham has lowered his 2014 comp growth estimate to 3.3 percent and 2014 EPS estimate to $2.57 both of which are now below company guidance. Wedbush analyst Seth Basham attributes this downgrade to pressure from a "slowing" housing market. Basham detailed his view of the housing market saying, "Based on evidence over the past few moth and our views on housing affordability, accessibility and normalized demand, we expect home price growth to slow markedly in 2104- to the low-single-digit range -and we expect housing turnover to decelerate to a similar level." At last check Lowe's was trading down half a percent at $50.10